Pacific Island nations Kiribati, Tuvalu, and the Marshall Islands are confronting a daunting financial challenge, as a recent World Bank report estimates a $10 billion cost to adapt to rising sea levels.
These remote atoll nations, spread across 6.4 million square kilometers of the Pacific Ocean, are among the most vulnerable to climate change. With residents living just two to three meters above sea level, the threat of submersion is imminent.
According to the report, a sea level rise of up to 0.5 meters could occur as early as 2050 in a worst-case scenario, or more likely by 2070. Such an increase would submerge significant portions of these nations, making immediate action on adaptation plans imperative.
“A third of the population of Kiribati and Tuvalu are at risk of falling into extreme poverty due to climate shocks like coastal flooding,” the report highlighted. Healthcare systems are also under strain from increasing heat-related illnesses.
The estimated $10 billion adaptation cost—$3.7 billion for Kiribati, $1 billion for Tuvalu, and $5 billion for the Marshall Islands—represents about 20 years of their current GDP. This figure covers physical measures like building seawalls, raising houses, and relocating communities inland, but excludes additional needs in health, education, power, and water systems.
Importing materials to build seawalls and reclaim shorelines poses further logistical and financial challenges. “This represents a significant funding gap for the Pacific atolls,” the World Bank noted.
These findings heighten the urgency at the COP29 climate talks currently underway in Azerbaijan. The summit focuses on securing commitments from wealthier nations, development lenders, and the private sector to finance climate action in developing countries.
The success of COP29 may hinge on reaching a new funding target to support vulnerable nations like Kiribati, Tuvalu, and the Marshall Islands. As the impacts of climate change accelerate, the clock is ticking for these Pacific communities.
Reference(s):
Pacific atolls face $10 billion cost of rising sea, says World Bank
cgtn.com
